Scott Morrison said that he is delivering a budget based on fairness, security and opportunity. The Treasure still believes that the budget will return to balance in 2020/21. The tone of this year’s budget was very much one that would make you believe that there was going to be an election. If anything it is a budget designed to make the Turnbull Government more palatable then the Abbott/Hockey Government.
He also claims that since coming to Government they have arrested growth in our debt by more than two-thirds even though debt is up $217.4 billion since the 2013, this is the faster growth than the previous ALP Government.
The 2017/28 deficit is at 29.4 billion, compared to 2016/17 when it was at 26.1 billion.
The Treasure also claimed that in this Budget, the government has chosen to grow the “economy to support more and better paying jobs”
The tone of the speech this year makes it clear that the last four years of the Coalition Government has been an economic disaster for working people.
Welfare recipients are set to be target again in the 2017/2018 budget. Welfare recipients are set to be drug tested to be eligible. Mr Morrison said “Those who do not meet their responsibilities and either fail to turn up to appointments or take on suitable work will face escalating financial penalties, ranging from reduced to cancelled payments. ”
Trying to look tough on banks the Treasure said “Banks will also be held to account if they try and hide misconduct by executives with new mandatory reporting requirements. If banks breach misconduct rules, they will also face bigger fines starting at $50 million for small banks and $200 million for large banks.”
He also claims that multi nationals are in his sights. He siad “We will continue our crackdown on multinationals not paying their fair share of tax.”
“The ATO has already raised $2.9 billion in tax liabilities this year against a group of just seven large multinational companies, and expects to raise more than $4 billion in total this financial year from large public companies and multinationals.”
“…we are toughening the Multinational Anti-Avoidance Law to extend the rules to structures involving foreign partnerships or trusts and clamping down on aggressive structuring using hybrids.”